Revolut, PolicyPal, Stashaway team up to offer medical personnel cashback, Covid-19 insurance

FINTECH startups Revolut, PolicyPal and StashAway are offering Singapore medical personnel debit card cashback , free Covid-19 insurance and six months of free investing service, the companies said in a joint statement on Thursday. (see amendment note)

Payments fintech Revolut is offering 3 per cent cashback for each transaction made on Revolut Visa cards without any caps and up to S$50 rides rebates per week for any ride-sharing services and taxi rides.

Meanwhile, insurtech PolicyPal is providing free personal accident Covid-19 insurance with a diagnosis benefit of S$3,000 and up to S$2,000 outpatient medical expenses reimbursement.

Lastly, robo advisory firm StashAway is offering its investment service to medical personnel free of charge for six months. Its charges normally start with a 0.8 per cent annual fee rate for the first S$25,000 invested. StashAway has a tiered reduction in annual fees based on how much more money is invested after the initial S$25,000.

Revolut and PolicyPal are also inviting customers to donate via their apps, with all donations going directly towards their respective offerings for medical personnel. Any excess contribution will be donated to registered medical charities, both startups said.

Medical personnel can sign up for the 3 per cent cashback and rides rebates by emailing employment proof to medicalstaffsg@revolut.com, with the subject title "Medical Energizer" to receive the Revolut Visa card. They can also sign up for PolicyPal and Stashaway benefits by emailing hello@policypal.com and support@stashaway.com.

Amendment note: A previous version of the article stated Revolut was offering medical personnel credit card cashback, when it is in fact a debit card cashback.